Anthropic set to unveil its IPO prospectus after Labor Day, targeting a $2 trillion-plus valuation

Anthropic is preparing to publicly unveil its IPO prospectus after the Labor Day holiday (September 7), according to multiple reports, with a first trade targeted for late September or early October. The company is reportedly aiming to raise at least $130 billion, which would put its overall valuation north of $2 trillion — Goldman Sachs, JPMorgan, and Morgan Stanley are said to be leading the underwriting.

The scale of the numbers reflects how fast Anthropic's business has grown: its annual run rate reportedly topped $65 billion at the end of July, up from roughly $9 billion at the end of 2025. That growth is also what's funding the enormous compute commitments Anthropic has been signing this year — including a separate $35 billion cloud deal for Texas data center capacity just days before this IPO news broke. A listing this size would be one of the largest tech IPOs on record, and reporting suggests it's already pushing competing AI labs to rethink the timing of their own listing plans.

For Claude users, an IPO doesn't change the product directly, but it's a signal of the financial pressure and investor expectations Anthropic will be operating under going forward — public companies answer to quarterly earnings in a way private ones don't, which can eventually show up in pricing, feature prioritization, or how aggressively new capabilities ship.